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Thyssenkrupp slashes 5,000 more jobs as pandemic bites

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Thyssenkrupp said Thursday it was slashing 5,000 more jobs than expected, bringing total cuts to 11,000 as the coronavirus pandemic takes a massive toll.The group, which makes products from steel to submarines, elevators and car parts, employs more than 100,000 people worldwide.It is in the midst of a painful restructuring that could see the historic company tap state aid as it scrambles to find a solution for its loss-making steel business.News of the job cuts, set to stretch over several years, came as the group reported a 9.6-billion-euro ($11.3 billion) net profit for its 2019-2020 financial year that ended in September.But the figure was largely down to the sale of its lucrative elevator division for 17.2 billion euros in February..

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